By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher at midday Thursday, getting spillover from a very strong Chicago soy complex.
Soybeans jumped well over 20 cents per bushels at the Chicago Board of Trade, with soyoil vaulting by nearly eight-tenths of a cent and soymeal climbing over US$4.00 per hundredweight.
“There’s spec money moving in and the United States crop situation is deteriorating,” said a Winnipeg-based trader, noting that as usual, canola was lagging behind.
He said there is also crop uncertainty on the Prairies as the hot, dry weather is very likely to have reduced yields in Saskatchewan and Manitoba.
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“But Alberta crops are looking better than they did a month ago,” the trader commented.
With Statistics Canada issuing its principal field crops report on Monday, he cautioned the report’s data is already a month old.
“We’ll have to trim a little bit off those numbers for Saskatchewan and Manitoba, and add a little bit for Alberta,” he said.
The Canadian dollar was stronger, but wasn’t having too much of an effect on canola bids. The loonie was at 76.30 U.S. cents, compared to Wednesday’s close of 76.02.
Approximately 15,300 canola contracts were traded as of 10:54 CDT.
Prices in Canadian dollars per metric tonne at 10:54 CDT:
Price Change
Canola Nov 498.00 up 4.40
Jan 505.80 up 4.10
Mar 511.60 up 3.60
May 516.80 up 3.40
